Technical analysis concepts like Elliott wave, Moving average, RSI, Fibonacci retracements can be seen on medium term chart of MCX Copper!
Here in below chart we can see that Copper showed sharp rise in the month of October 2016 from 310 to 415 levels. This upward rally was impulsive in nature which broke the multiyear channel resistance and suggested that medium term trend has reversed on upside completing complex correction near the low of 310 level. This evidence is enough from Elliott wave perspective to form medium term trading strategies in this commodity. Post making high at 415 level, prices have continued to move within the sideways to negative action from last 8 months which has brought Copper at the very crucial juncture. Below daily chart is taken from “The Commodity Waves Short Term Update”
MCX Copper Daily continuous chart:
Elliott wave pattern under formation: The rally witnessed in the month of October 2016 was impulsive in nature which completed intermediate wave (a) of Zigzag correction pattern and since then intermediate wave (b) is ongoing in form of Complex correction pattern. Within this minor wave y (red color) is ongoing and prices are intact within the downward moving channel. Here we can see that entire down move is corrective in nature which further confirms retracement of the prior up move. Prices looks to be forming basing formation from last few weeks as momentum on downside is not building.
Fibonacci retracement zone: Post the impulsive rise, prices can correct up to 61.8% retracement of the prior rise which we can see here. Before few weeks it found support near the 61.8% retracement and bounced back on upside. However medium term breakout has yet to take place in this commodity.
Prices are also hovering near 200 days Exponential moving average which was earlier acting as resistance.
Elliott wave along with Fibonacci retracement indicates that MCX Copper has arrived at the important juncture. However on short term chart some more sideways to negative action is possible before it forms the major low. To know the important levels, access to “The Commodity Waves Short Term Update” which covers Gold, Silver, Copper and Crude with daily and 60 mins chart with Elliott wave and other technical indicators.
Most Advanced Technical analysis training EVER – Nifty has arrived at important juncture and despite majority turned bullish prices have not headed anywhere over past two weeks. This looks like a classical case of distribution. During such times it is prudent to learn the methods and indicators that help us to time the turn and capture the trend when it is just starting. Learn Elliott – Neo wave combined with Hurst’s time cycles and Gann analysis. I will be discussing various methods I personally follow to derive at trading decisions. Training is scheduled on 29th – 30th July 2017. Know More